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Bofferbrauer2 said:

You point at the growing number of players on Steam as an argument that people are still buying GPUs - but those are mostly new players with new computers and laptops, when the argument is that nobody is upgrading their GPUs anymore.

Or they are upgrading their GPUs/laptops and sell their replaced hardware to other people (part of them new players), who also play on Steam.

When I upgraded my GTX 1070 to a RTX 3070, I also upgraded the crappy GPU in my brother's PC to my old GTX 1070. 

When I upgraded my RTX 3070 to a RTX 4090, I sold the 3070, which was an upgrade fo the buyer.